Alameda Research Allocates $4M To Coin98 Finance
Alameda Research Allocates $4M To Coin98 Finance
April 7, 2021
Alameda Research Allocates $4M To Coin98 Finance
Alameda Research Allocates $4M To Coin98 Finance
April 7, 2021

The DeFi market is on its way to expand and set its footprint in the Asian market. Alameda Research allocates $4miilion to Coin98 Finance. The exclusive deal marks the growth of DeFi across the Asian region, as the trading platform identifies the Southeast Asian market as a potential growth capital.

Coin98 Finance is a budding DeFi platform from Vietnam. The VC behind Coin98 Finance, Coin98 Ventures is one of the biggest cryptocurrency fund in Vietnam which supports the Solana Ecosystem Fund. As reported by the news outlet ChainNews, Coin98 functions as a decentralized exchange and wallet, that encountered transaction volumes up to $20 million in March. Coin98 has around 200,000 users in its platform covering the South Asian market.


Alameda is an investment firm that administers over $100 million in digital assets. It also operates one of the derivatives exchange of crypto exchange, FTX. It reported trade volumes of $11.3 billion on 6th April. Alameda is widening its net by investing in cryptocurrency sectors, thereby strengthening its position. Alameda invested $2 million in Efficient Frontier, a Tel Aviv-based algorithmic crypto market maker, and $20 million to Reef Finance, a Polkadot-based DeFi platform. The following investments are propelling the confidence in DeFi market’s successful growth in the Asian market and the popularity would eventually pace up.

ALSO READ :  Waves Enterprise Announces Public Release Of Its Blockchain Voting System

Thanh Le, the CEO of Coin98 Finance said:

I think every VCs in the world have their own investment thesis, but from what I’ve seen from all the western funds who are interested in Coin98, here are things that they are all on the same page: Before we started doing a raise, we already built Coin98 Wallet and quickly acquired 200,000+ users in Asia. The product is quite established and captured a decent market shares in Southeast Asia markets. Compare with thousands of blockchain projects who only come up with only an idea, we already ship the product out and being used by hundred thousands people across Asia.

Coin98 Finance has been working on establishing projects including Coin98 Wallet, crypto’s first cross-chain browser and mobile wallet which has significantly seen a good amount of adoption in Asia.

ALSO READ :  Tether Surpasses Bitcoin And PayPal For Average Daily Transfer Value

The DeFi ground in Asia has to start from scratch. It can only be strengthened with the help of the local market. Whereas the DeFi bluechips like SushiSwap, Uniswap, Aave, and Compound have just begun to gain traction in the South Korean exchanges. Kakao’s Klaytn and Terra remain the most popular DeFi projects in the region.

Coin98 observed that people are switching to PancakeSwap, an automated market-maker for Binance Smart Chain for trading activity than UniSwap, an AMM for Ethereum. This can be taken into conclusion that the user activity in Asia are opting for blockchain that are cheaper, convenient and easy to use. However, DeFi is quickly gaining traction in Vietnam, South Korea, and Japan along with the added contributions of the experienced teams in optimizing the infrastructure around DeFi.

Source: Cointelegraph | forbes.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Report: Ethereum Can Go To $10,000 In 2021

Report: Ethereum Can Go To $10,000 In 2021

A report by professional trader Scott Melker said that Ethereum can go to $10,000 in 2021 and can overshadow Bitcoin. It has been reported that Melker sees this period of Bitcoin’s price consolidation as particularly...

Rashmi Singha

Rashmi Singha is a content writer at Crypto News Point. A learner, an observer who loves to communicate with people. Having a tad bit of experience in content writing, she aspires to learn the other disciplines in the respective field.